Washington: US Dow Jones industrial average has plunged over 1000 points for the second time this week amid worries over inflation and interest rates.
The Dow finished with a decline of 1,033 points.
It’s now in a correction – 10 percent off its record high just two weeks ago, CNN Money reported.
Fears about the bond market, inflation and interest rates seized investors again Thursday and drove the Dow, the Standard & Poor’s 500 and the Nasdaq all into the red for the year.
The Standard & Poor’s 500 index, the benchmark for many index funds in 401(k) accounts, is now down 8.7 percent from the latest record high it set January 26. It’s still up 14 percent over the past year.
According to the reports, the blue-chip Dow Jones index closed 4.2 per cent lower at 23,860. By closing at 23,860 points, the Dow Jones industrial average was set back to its level on Nov. 17, 2017, and officially corrected.
In the final hour of trade, The S&P 500 fell more than 100 points, or 3.75 percent, and the Nasdaq lost 274 points, a loss of 3.9 percent.
And the VIX, a measure of market volatility, is near the highest level since August 2015. (ANI)